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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ebrahim Poonawala | Bank of America | 16 questions · 19% challenging |
| Mike Mayo | Wells Fargo | 15 questions · 13% challenging |
| Glenn Schorr | Evercore ISI | 15 questions · 7% challenging |
| Gerard Cassidy | RBC Capital Markets | 14 questions · 0% challenging |
| Dan Fannon | Jefferies | 13 questions · 8% challenging |
| Devin Ryan | Citizens JMP Securities | 13 questions · 0% challenging |
| Erika Najarian | UBS | 11 questions · 0% challenging |
| Steve Chubak | Wolfe Research | 10 questions · 0% challenging |
| Christian Bolu | Autonomous Research | 10 questions · 40% challenging |
| Betsy Graseck | Morgan Stanley | 10 questions · 10% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 16 questions · 19% challenging |
| Wells Fargo | 1 analyst | 15 questions · 13% challenging |
| Morgan Stanley | 2 analysts | 15 questions · 7% challenging |
| Evercore ISI | 1 analyst | 15 questions · 7% challenging |
| RBC Capital Markets | 1 analyst | 14 questions · 0% challenging |
| Citizens JMP Securities | 1 analyst | 13 questions · 0% challenging |
| Jefferies | 1 analyst | 13 questions · 8% challenging |
| UBS | 1 analyst | 11 questions · 0% challenging |
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Goldman Sachs generated net revenues of $17.2 billion and earnings per share of $17.55 in the first quarter, both the second highest in firm history, on a 19.8% return on equity and a 21.3% ROTE. Global Banking & Markets set a segment record at $12.7 billion with an ROE above 22%, led by record equities net revenues of $5.3 billion and advisory revenues of $1.5 billion, up 89% year-over-year on higher completed volumes. FICC net revenues were $4 billion as significantly lower rates and mortgages results were partly offset by stronger currencies and commodities, while combined FICC and equities financing revenues of $3.7 billion rose 36% to nearly 40% of the two businesses' total. Asset & Wealth Management ended the quarter with a record $3.7 trillion in assets under supervision, $62 billion of long-term net inflows and $26 billion of alternatives fundraising that included $10 billion in credit. Management said the M&A backlog held near its four-year high despite record accruals, and the firm returned $6.4 billion to shareholders, including $5 billion of buybacks, and ended at a 12.5% CET1 ratio.
Capital Allocation | Revenue Growth | Margin | Competitive Dynamics | Regulation Policy | Demand | M&A | Macroeconomic | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 6 | 4 | 5 | 2 | 3 | 1 | 2 |
| 2025Q1 | 9 | 6 | 7 | 6 | 2 | 5 | 3 | |
| 2025Q2 | 11 | 3 | 5 | 5 | 6 | 2 | 2 | 1 |
| 2025Q3 | 5 | 6 | 6 | 5 | 2 | 3 | 1 | |
| 2025Q4 | 3 | 7 | 8 | 3 | 4 | 6 | 1 | 2 |
| 2026Q1 | 11 | 7 | 2 | 6 | 4 | 1 | 6 | 3 |
| 2026Q2 | 4 | 4 | 1 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Capital Allocation | 4 | 9 | 11 | 5 | 3 | 11 | 4 |
| Revenue Growth | 6 | 6 | 3 | 6 | 7 | 7 | 4 |
| Margin | 4 | 7 | 5 | 6 | 8 | 2 | 1 |
| Competitive Dynamics | 5 | 6 | 5 | 5 | 3 | 6 | 2 |
| Regulation Policy | 2 | 2 | 6 | 2 | 4 | 4 | 1 |
| Demand | 3 | 5 | 2 | 3 | 6 | 1 | |
| M&A | 1 | 2 | 1 | 1 | 6 | 1 | |
| Macroeconomic | 2 | 3 | 1 | 2 | 3 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Net margin |
|---|---|---|---|---|---|
| FY2024 Q4 | $13.87B | +22.5% | $11.95 | +118.1% | 29.6% |
| FY2025 Q1 | $15.06B | +6.0% | $14.12 | +21.9% | 31.5% |
| FY2025 Q2 | $14.58B | +14.5% | $10.91 | +26.6% | 25.5% |
| FY2025 Q3 | $15.18B | +19.6% | $12.25 | +45.8% | 27.0% |
| FY2025 Q4 | $13.45B | -3.0% | $14.01 | +17.2% | 34.3% |
| FY2026 Q1Selected | $17.23B | +14.4% | $17.55 | +24.3% | 32.7% |
| FY2026 Q2 | $20.34B | +39.5% | $20.98 | +92.3% | 32.6% |
| FY2026 Q3 | $18.68B | +23.0% | $17.01 | +38.9% | 28.3% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2026Earnings call Apr 13, 2026
FY2026 Q1 in brief
Goldman Sachs generated net revenues of $17.2 billion and earnings per share of $17.55 in the first quarter, both the second highest in firm history, on a 19.8% return on equity and a 21.3% ROTE.
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for The Goldman Sachs Group, Inc. (GS), FY2026 Q1: 7/10. Scores: The Goldman Sachs Group, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: GS daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +13.9% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What GS said about other companies on its FY2026 Q1 call, and what other companies said about GS on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Our collaboration with Goldman Sachs is progressing with momentum building in model portfolios and product development advancing for the launch of an interval fund and Target Date sister series later this year.”
T. Rowe Price's strategic collaboration with Goldman Sachs is advancing model portfolios and co-branded product development including interval and target date funds.
“we established a new form of debt financing through a 10-year unsecured term loan with an affiliate of Goldman Sachs.”
Realty Income established a 10-year unsecured term loan via a Goldman Sachs affiliate as part of a municipal prepay structure; signal on Goldman's structured-financing role.
“We're working closely with Anthropic and all of our security vendors to kind of harness frontier capabilities”
Goldman is working closely with Anthropic among its security vendors to harness frontier AI model capabilities for cyber resilience, a signal on Anthropic as an enterprise AI vendor to a major bank.
“reflecting the move of the Apple portfolio to held for sale”
Goldman is moving the Apple (Apple Card) portfolio to held for sale, a signal that Goldman is winding down its consumer partnership with Apple.
“we feel very, very good about the decisions we've made on both the partnership with T. Rowe and the 2 acquisitions”
Goldman highlights its partnership with T. Rowe Price alongside two acquisitions, a signal on a T. Rowe Price strategic partnership.
“We are pleased to have closed the acquisition of Innovator in the second quarter, which adds an additional $31 billion in assets under supervision”
Goldman acquired ETF provider Innovator, adding $31B in AUS and vaulting into the top 10 active ETF providers, a signal that Innovator was absorbed by Goldman AWM.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on a $26B energy transaction in which Devon Energy is the acquirer, a signal on Devon Energy's large-scale M&A.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on Sysco's $29B acquisition of Jetro Restaurant Depot, a signal on major Sysco M&A/consolidation in foodservice distribution.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on Unilever combining its food business with McCormick in a $43B deal, a signal that Unilever is divesting/spinning its food unit.
“This includes the announced $43 billion merger of Unilever's food business with McCormick, [ Sysco's ] $29 billion acquisition of Jetro Restaurant Depot and Cortera Energy's $26 billion sale to Devon Energy.”
Goldman advised on the announced $43B merger of Unilever's food business with McCormick, a signal on a large-scale McCormick M&A transaction.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| GSThe Goldman Sachs Group, Inc. | 7 | +13.9% | Record Global Banking & Markets revenues | |
| BMNRBitmine Immersion Technologies, Inc. | 6 | +627.6% | Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed | |
| CLSKCleanSpark, Inc. | 2 | -24.9% | CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7% | |
| CRCLCircle Internet Group | 7 | +20.0% | Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak | |
| FIGRFigure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier | |
| HOODRobinhood Markets, Inc. | 8 | +15.1% | Gold Ecosystem Drives Multi-Product Adoption | |
| IBKRInteractive Brokers Group | 8 | +16.9% | Record Commission and Net Revenue | |
| IRENIREN Limited | 6 | -0.0% | IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million | |
| MARAMarathon Digital Holdings, Inc. | 2 | -18.4% | MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33% | |
| MSMorgan Stanley | 9 | +18.8% | Record Firm-Wide Revenues and Earnings | |
| RIOTRiot Platforms, Inc. | 6 | +3.6% | Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery | |
| SCHWCharles Schwab Corporation | 9 | +9.8% | Record Client Growth Drives All-Time NNA Highs |
Record Global Banking & Markets revenues
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed
CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7%
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| GS | 8 | 7 | 8 | 8 | 6 | 7 |
| BMNR | 6 | 6 | 6 | 6 | 6 | 6 |
| CLSK | 9 | 7 | 9 | 8 | 6 | 2 |
| CRCL | No score | No score | No score | 8 | 8 | 7 |
| FIGR | No score | No score | No score | 9 | 9 | 9 |
| HOOD | 10 | 9 | 9 | 9 | 7 | 8 |
| IBKR | 8 | 6 | 6 | 8 | 7 | 8 |
| IREN | 9 | 9 | 8 | 8 | 8 | 6 |
| MARA | 9 | 7 | 9 | 9 | 2 | 2 |
| MS | 7 | 8 | 7 | 8 | 8 | 9 |
| RIOT | 9 | 7 | 7 | 7 | 5 | 6 |
| SCHW | 10 | 9 | 10 | 10 | 10 | 9 |
Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak
Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%
Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery
Record Client Growth Drives All-Time NNA Highs